CoP is designed to help customers avoid sending payments to the wrong account through fraud or human error and verifies the recipient’s name and account details before payments are made, ensuring that customers’ funds reach the correct destination.

Allica Bank, a business bank dedicated to serving established businesses with a mix of seamless technology and human support, wanted to be a frontrunner in the field of CoP among challenger banks, and provide their customers with the best possible solution.

SurePay, the inventor of Confirmation of Payee, offers a best-in-class solution and is the leading European CoP provider, the largest vendor in the UK, and operates in the Netherlands, France and Italy.

Allica Bank’s Chief Technology Officer Ravneet Shah, said: “We are delighted to be partnering with SurePay as Allica continues to scale. Our goal is to provide the best experience for our business customers and retail savers, and have the highest level of protection against fraud and misdirection. CoP is an invaluable tool for customers, giving them further assurance that their payments will reach their intended recipient.”

SurePay’s CoP solution is now available to Allica Bank customers, giving them an extra layer of security and peace of mind when making payments.

David-Jan Janse, CEO of SurePay, said: “We are extremely proud that Allica Bank has chosen our Confirmation of Payee solution. This is a strong endorsement of the innovative technology and superior service that SurePay offers. We look forward to working closely with Allica Bank to provide their customers with the highest level of protection against payment fraud.”